KUALA LUMPUR: Danga Heights Development (DHD) and MCC Singapore have teamed up to to co-develop 60ha of prime commercial land in Skudai, Johor Bahru.
In a joint statement on Monday, they said the land was to be developed over the next 10 years with a gross development value of RM8bil.
“In the first phase, DHD and MCC Singapore will jointly develop a mixed use development on a 38-acre (15ha) land site. The project has an estimated GDV of RM2.88bil and construction is scheduled to begin in early 2021, ” they said.
They said the development would be over 10 years. It is also one of the biggest foreign direct investments (FDI) in Iskandar Malaysia following the Covid-19 outbreak and is certain to inject renewed confidence as well as encourage further investments in the Johor property industry.
DHD is a subsidiary of Iskandar Waterfront Holdings (IWH) while MCC Singapore is a subsidiary of Metallurgical Corporation of China Ltd.
In a virtual land-sale signing ceremony conducted simultaneously in Malaysia, Singapore and China through video conferencing. It was witnessed by Zhu Jianguo, general manager of MCC Central Research Institute of Building and Construction and chairman of MCC Singapore in Beijing, as well as Johor Menteri Besar Datuk Hasni Mohammad in Johor.
During the virtual signing ceremony, IWH director Datuk Mohd Noorazam Osman and MCC Singapore Tan Zhiyong inked the agreements in Johor and Singapore respectively while viewing a live cast from the other countries through a private Zoom link. Also present were IWH executive vice-chairman Tan Sri Lim Kang Hoo and group executive director Lim Chen Herng.
Since 2010, MCC Singapore has developed and project managed 15 residential projects in Singapore. Currently, it is also developing JKT Living Star, a 3,648-unit condominium with an adjoining commercial zone in Jakarta; and Sky Villa, a 256-unit high-end condominium in Phnom Penh, Cambodia.
The joint venture marks the company’s first major foray into the real estate industry of Malaysia.
Tan said they envision the project to become the new uptown area of Johor -- a smart city with intelligent features and cutting-edge home concepts.
“We hope this project can catalyse Johor’s urban transformation into an even more thriving and technologically advanced city in the next decade.
“We are certainly upbeat about this mega development project as the land site fronting Skudai is one of the most sought after development locations in Johor mainly due to its proximity to a captive population of affluent households and high density of businesses, ” Tan said.
Lim Chen Herng said the project would be a landmark development with far-reaching social and economic benefits for the people and state of Johor.
“It will likely inject a new momentum and excitement into Johor’s property landscape, ” he said.